Learn how to properly file Form 1099 and what items you will need to file it.
Nearly every business in the U.S. has some level of Form 1099 reporting obligations, as it is required for payments to U.S. individuals or entities who are not considered employees. However, many businesses are not aware of these requirements and as a result, have received fines and penalties from the IRS. The Service has greatly enhanced its technological capabilities and more companies are now receiving automated notices and penalties for non-compliance. This topic will provide a high-level overview to help U.S. businesses better understand the basic requirements for correctly reporting the information on a Form 1099, with a focus on Forms 1099-NEC (payments for services) and 1099-MISC (payments for rents, royalties, and prizes and awards). It will also address common mistakes and best practices to enhance operational efficiency and avoid penalties. In situations where the IRS has already issued a penalty notice, the material will also discuss the strategies and procedures for drafting a response.
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Why Lorman?
Over 36 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Overview
- Basic Terms and Concepts
- What Are My Form 1099 Obligations?
- Why Is This Required?
What Payments Do You Report?
- Types of Form 1099
- Which Payments Am I Required to Report and Which Are Exempt?
- How Do I Classify My Payments?
Who Do You Report?
- Collecting Forms W-9
- Reviewing Forms W-9
- TIN Matching
Form 1099 Reporting
- How Do I File?
- Information Return Intake System (IRIS)
- Deadlines and Extensions
- Tips and Tricks
Penalties
- Potential Penalties and Amounts
- How Do I Respond to a Penalty Notice?
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Why Lorman?
Over 36 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on August 15, 2023.
Call 1-866-352-9540 for further credit information.
- AIPB 2.0
- This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
Audio & Reference Manual
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
MP3 Download
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 36 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Andrew McQuilkin
KPMG LLP
- Senior manager at KPMG Boston
- Practice emphasizes all aspects of information reporting and withholding
- Conducts regular seminars and workshops on numerous issues related to domestic and international information reporting and technology solutions for compliance
- Member, Massachusetts Bar. Patent Attorney, U.S. Patent and Trademark Office
- J.D. degree, Suffolk University School of Law; B.S. degree, University of Massachusetts Amherst
- Can be contacted at 617-988-5857 or [email protected]
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Why Lorman?
Over 36 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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